King Street Capital Management is joining forces with Portuguese private equity firm Alea Capital Partners to launch a new €375 mln investment joint venture targeting student accommodation assets across Portugal.
Through the new platform, Alea and King Street will be investing, developing, and operating modern, high quality student housing located in key university cities in Portugal.
The focus will be on Alea’s pipeline of over 3,500 accommodation units in Portugal, with immediate three seed assets covering a total area of 36,000 m2.
Eastdil Secured acted as exclusive financial adviser in the formation of the Joint Venture.
Pedro Antunes, co-founder of Alea Capital Partners said: 'The first projects under this Joint Venture are expected to break ground in early 2025, focused on key university cities. The partnership aims to address the existing structural gap in the alternative accommodation market by offering a broader selection of living arrangements that cater to different preferences and budgets, all while maintaining a strong emphasis on quality and community living.'
Roey Shoef, co-founder of Alea, added 'This partnership marks an exciting new chapter in our Alternative Living Solutions strategy, to provide high-quality housing for different uses, as students and families, starting in Portugal. Our model and proven product-market-fit with the “Andy” student living brand, will assist with increasing the supply of much lacking accommodation options.'
